Corporate Governance, Minority Shareholders Rights and Remedies in Pakistan PDF Download

Author: Khurram Parvez Raja
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Languages : en
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Book Description
Good corporate governance requires that all shareholders be treated fairly and equally. One aspect of corporate governance is the proper protection of, and respect for, the interests of shareholders, particularly those of minority shareholders. The need to protect minority shareholders is not only a corporate governance objective in its own right, it has an added significance in a country like Pakistan, where shares are often controlled by majority shareholders such as founding members. This thesis concentrates on corporate governance in Pakistan, with specific reference to the laws protecting the interests of minority shareholders in its companies. The thesis evaluates the corporate law regime in Pakistan and underlines the existing rights of shareholders under the law. This thesis seeks to examine the minority expropriation problem in Pakistani companies and the inadequacies of shareholder legal protection from a comparative law perspective. The corporate governance framework in Pakistani companies and the importance of minority protection in the general system of corporate governance is considered. It is contended that the current law does not afford minority shareholders the protection they need. This thesis evaluates the reform proposals promulgated by the English Law Commission in its Consultation Paper and Report on the statutory minority remedies of unfair prejudice, and considers in adopting these constructive proposals such as the exit article and the statutory presumptions of unfair prejudice and pro-rata basis share buy-outs into Pakistan company law as a model of reform. The attempts made by the English Law Commission to seek a comprehensive reform of minority shareholders' remedies merit full support. The system of law and justice in any country is the edifice on which it builds its civil society, democratic institutions, legal institutions and corporations. Therefore, the institutional background in Pakistan is critical to the understanding of the law in the books on "Minority Shareholders". Thus, this thesis examines law and legal institutions within a wider context, considering the social, economic, political and philosophical dimensions of the law.